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I've been reading and looks like this new WiiKey Fusion may be the latest and greatest. It allows you to play your backups from a SDHC card and bypass the Wii's DVD drive, which seamed to be the biggest benifit for going softmodding for the USB loading.

I would recommend getting WODE. But the chip I have is a wiikey2. You can buy a solderless wiikey2 clip. I believe it just clips onto the board. As for that whole SDHC loading crap, its really stupid. If you think about everygame as 4.37gbs, that takes up alot of space. Not to mention the wii if very picky about SDHC. Some work some don't.

You can also get a wasabi or a drivekey seeing how they are developing firmware for the new BCA protection that has came out. Wiikey hasn't announced if they are working on a firmware update to fix it, so you can pick another chip that has Anti BCA protection firmware being developed.

I have a SD card that works on the Wii, and I could mostly store all my backups on my PC's harddrive, and when i wanted to play a came, copy it to the SD card, and play it. Sure it wont be "on-demand" per say, but it would not be that much of an issue.

The WiiKey Fusion has a projected price of like $54 right now, the WODE is $104.
The WODE does look like the best out there, but not sure if I want to spend that extra $50 for the amount of time I would be using it.